Title
AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF NOT TO EXCEED $31,000,000 OF NOTES, IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PAYING COSTS OF CONSTRUCTING, FURNISHING AND EQUIPPING A FACILITY HOUSING FUNCTIONS OF THE CITY’S DEPARTMENT OF PUBLIC WORKS AND CLEARING, EQUIPPING AND IMPROVING THAT SITE THEREOF
Brief Description: This ordinance allows for the financing of the construction of the new Public Works facility.
Body
Legislative History
Ordinance No. 23-82 authorized the purchase of the Hudson Drive parcels for $1,900,000
Ordinance No. 23-116 authorized the issuance of $1,900,000 in notes for the purchase of the land
Ordinance No. 24-80 authorized the contract with Brandstetter Carroll, Inc for the design of the new facility
Ordinance 24-114 authorized the issuance of $3,295,000 in notes for the purchase of land and cost of design of the new facility
Purpose & Explanation
The purpose of this ordinance is to allow for the issuance of notes to finance the construction cost of the new public works facility. We will roll the construction notes into a larger bond issue once all costs are known.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04, Contracts & Purchasing:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends approval of the Ordinance to allow for timely issuance of the notes.
Submitted by,
Thom Sheridan, City Manager
Jeff Knoblauch, Asst. City Manager/Finance Director